Europe
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The clearing of euro denominated derivatives after the UK leaves the EU re-entered the limelight this week, as regulators and industry advocates issued statements about the issue. -
The UK Debt Management Office broke yet another record on Tuesday, building its largest ever book in cash terms for an inflation-linked syndication. The demand was such that the bond then tightened in secondary to move past the fair value level at the book open, said one of the leads.
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A surfeit of sterling liquidity drove demand for covered bonds to new heights this week with exceptional deal executions seen in two Canadian bank transactions, raising the likelihood that a UK bank will soon follow.
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The private placement market is proving its worth at the long end in euros and with dollar floaters, helping issuers make the most of excellent conditions.
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Santander, Deutsche Bank, Intesa Sanpaolo and Banque Fédérative Crédit Mutuel (BFCM) sold a combined $8.49bn of notes this week, filling the gap created by the US banks’ blackout periods.
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The Financial Conduct Authority’s plan to create a new premium listing category in the UK for companies controlled by sovereign states is already dividing market opinion. The move, put out for consultation on Thursday, looks like a bid to lure to the IPO of Saudi Aramco, which could be the biggest flotation ever, to the London Stock Exchange.
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In just three days this week, Carillion, the UK construction and support services group, lost 70% of its value, prompting fears of a debt-to-equity swap. This anguish comes only five months after Carillion raised €112m in the Schuldschein market, which is unused to defaults, write Silas Brown and Jon Hay.
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The Warsaw IPO of Play Communications, the Polish mobile telephone network operator, has been priced at Z36, above the bottom of the initial Z34 to Z44 range, and broadly in line with the valuation multiple of its listed peer, Polsat.
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Equiniti, the UK provider of payment and administration services, has launched a fully underwritten rights issue to partly finance its takeover of Wells Fargo’s share registrar unit.
